Dr Aurélie SIMON: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Dr Aurélie SIMON
Largest movements
- Receivables within one year -€78,786
down €78,786 (-87.6%), from €89,892 to €11,106
of which Other amounts receivable: -€78,010
- Cash -€16,935
down €16,935 (-53.5%), from €31,681 to €14,746
mainly Contributions, distributions and other (-€85,085) and Other debts (-€39,920)
- Intangible fixed assets -€15,000
down €15,000 (-25.5%), from €58,750 to €43,750
- Reserves -€55,000
down €55,000 (-100%), from €55,000 to €0
- Other debts -€39,920
down €39,920 (-56.2%), from €70,975 to €31,055
- Trade debts -€5,394
down €5,394 (-74.3%), from €7,259 to €1,865
- Current portion of long-term debt -€4,284
down €4,284 (-100%), from €4,284 to €0
- Gross operating margin -€49,047
down €49,047 (-38.3%), from €127,959 to €78,912
- Staff costs +€16,042
up €16,042 (+288%), from €5,563 to €21,606
- Taxes -€14,086
down €14,086 (-63.4%), from €22,222 to €8,135
- Depreciation +€2,093
up €2,093 (+11.2%), from €18,669 to €20,762
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €308,418 | €201,859 | -€106,559 | -34.6% |
| Fixed assets | 21/28 | €77,705 | €65,087 | -€12,618 | -16.2% |
| Intangible fixed assets | 21 | €58,750 | €43,750 | -€15,000 | -25.5% |
| Tangible fixed assets | 22/27 | €18,685 | €21,067 | +€2,382 | +12.7% |
| Plant, machinery and equipment | 23 | - | €3,270 | +€3,270 | |
| Furniture and vehicles | 24 | €393 | €80 | -€313 | -79.7% |
| Other tangible fixed assets | 26 | €18,292 | €17,717 | -€575 | -3.1% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €230,713 | €136,772 | -€93,941 | -40.7% |
| Amounts receivable within one year | 40/41 | €89,892 | €11,106 | -€78,786 | -87.6% |
| Trade receivables | 40 | €1,453 | €678 | -€776 | -53.4% |
| Other amounts receivable | 41 | €88,439 | €10,429 | -€78,010 | -88.2% |
| Current investments | 50/53 | €102,875 | €103,898 | +€1,023 | +1.0% |
| Cash at bank and in hand | 54/58 | €31,681 | €14,746 | -€16,935 | -53.5% |
| Deferred charges and accrued income | 490/1 | €6,265 | €7,022 | +€757 | +12.1% |
| Total equity and liabilities | 10/49 | €308,418 | €201,859 | -€106,559 | -34.6% |
| Equity | 10/15 | €206,452 | €151,452 | -€55,000 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,000 | €0 | -€55,000 | -100% |
| Distributable reserves | 133 | €55,000 | €0 | -€55,000 | -100% |
| Profit (loss) carried forward | 14 | €132,852 | €132,852 | = | 0.0% |
| Amounts payable | 17/49 | €101,965 | €50,406 | -€51,559 | -50.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €101,965 | €50,089 | -€51,876 | -50.9% |
| Current portion of amounts payable after more than one year | 42 | €4,284 | €0 | -€4,284 | -100% |
| Financial debts | 43 | €6,322 | €3,793 | -€2,529 | -40.0% |
| Credit institutions | 430/8 | €6,322 | €3,793 | -€2,529 | -40.0% |
| Trade debts | 44 | €7,259 | €1,865 | -€5,394 | -74.3% |
| Suppliers | 440/4 | €7,259 | €1,865 | -€5,394 | -74.3% |
| Taxes, remuneration and social security | 45 | €13,125 | €13,376 | +€251 | +1.9% |
| Taxes | 450/3 | €12,525 | €8,165 | -€4,360 | -34.8% |
| Remuneration and social security | 454/9 | €600 | €5,210 | +€4,611 | +769% |
| Other amounts payable | 47/48 | €70,975 | €31,055 | -€39,920 | -56.2% |
| Accrued charges and deferred income | 492/3 | - | €317 | +€317 | |
| Remuneration, social security and pensions | 62 | €5,563 | €21,606 | +€16,042 | +288% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,669 | €20,762 | +€2,093 | +11.2% |
| Other operating charges | 640/8 | €899 | €928 | +€30 | +3.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €127,959 | €78,912 | -€49,047 | -38.3% |
| Operating profit (loss) | 9901 | €102,828 | €35,616 | -€67,212 | -65.4% |
| Financial income | 75/76B | €4,884 | €3,705 | -€1,179 | -24.1% |
| Recurring financial income | 75 | €4,884 | €3,705 | -€1,179 | -24.1% |
| Financial charges | 65/66B | €1,512 | €1,100 | -€413 | -27.3% |
| Recurring financial charges | 65 | €1,512 | €1,100 | -€413 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €106,199 | €38,221 | -€67,979 | -64.0% |
| Income taxes | 67/77 | €22,222 | €8,135 | -€14,086 | -63.4% |
| Profit (loss) for the period | 9904 | €83,978 | €30,085 | -€53,892 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,978 | €30,085 | -€53,892 | -64.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.